This article was originally published as part of Real-time payments: The time is now.
The development of real-time payments (RTP) is one of the most significant changes in money movement in the past 40 years. Offering U.S. companies the option of sending and receiving payments instantly – at any time of the day or night, and all year round – the RTP® network is quickly gaining traction with American businesses.
New research from U.S. Bank shows 38% of U.S. companies are already using it and, in just two years, RTP adopters will be in the majority (56%).
As with all emerging opportunities, it’s essential that companies have the right people in the right places across the organization to truly harness its power. Effective payments leadership is essential.
The research shows that 65% of companies have a dedicated leader for payments transformation, and 37% have a dedicated leader in charge of capturing the RTP opportunity.
There are three key areas in which having RTP leadership in place can help a company excel:
The benefits of having a dedicated RTP leader are clear. But how to find one?
Mike Jorgensen, Head of Emerging Solutions at U.S. Bank, highlights the benefits of appointing champions within the existing workforce.
“A good approach for companies is to create a few different levels of RTP champions across the business – at senior and junior levels,” he says. “The senior level should be strategic and visionary.
“For the junior team members, these can be good career-growth opportunities. Their energy and perspective will help get payments transformation under way.”
“Champions should be across multiple functions,” he goes on. “Technology is a key function, as well as Finance, and Operations.”
Companies need dedicated leadership to navigate the sea of disruptions facing companies today. It’s no different in payments. Buyers don’t have the patience for long and fragmented experiences.
Payments are something that can make or break the customer experience. It is essential to place the right people in charge to tackle the challenge – and embrace the opportunities.
We surveyed 1,000 senior finance leaders about the rise of real-time payments and found improved business results for the first wave of early adopters. Gain insights into how innovative companies are using RTP to accelerate their digital transformation in Real-time payments: the time is now.